1 FEB 2023

Budget 2023 Highlights and What You Need to Know

amrutha pagad

BUDGET 2023-24

Union Finance Minister Nirmala Sitharaman presented the 2023-24 Budget on Feb 1, 2023. The speech lasted 1 hour 27 minutes. 

VIDEO: twitter/sansad_tv

INCOME TAX SLAB

Till Rs 3 lakh: No income tax
Rs 3-6 lakh: 5%
Rs 6-9 lakh: 10%
Rs 9-12 lakh: 15%
Rs 12-15 lakh: 20%%
Above Rs 15 lakh: 30%

photo: UNSPLASH

tax rebate TILL Rs 7 lakh

Income tax rebate extended on income up to Rs 7 lakhs in new tax regime. If you earn Rs 7 lakh/year & opt for new tax regime, you don't have to pay income tax.

photo: unsplash

The new tax regime will now be the default tax regime. But: You can still choose the old tax regime and avail the tax benefits on it.

OLD AND NEW REGIME

PHOTO: twitter/PIB

COSTLIER CIGARETTES

Bad news for smokers: Cigarettes will become more expensive now, with a 16% calamity cess added to the price of it.

pHOTO: unsplash

pan card

Your PAN card will become the uniform identifier at specified government agencies. Govt is also working to further simplify the KYC process. 

PHOTO: representative

EXPANSION OF DIGILOCKER

Government will expand the DigiLocker documentation depository service to the fintech sector. Currently, only individuals can use it. 

PHOTO: TWITTER

The government will set up 100 labs in engineering institutions to develop apps using 5G services.

video: unsplash gif

LABS FOR 5G SERVICES

electric kitchen chimney

Common kitchen appliances like electric kitchen chimney are set to get expensive. Customs duty on electric kitchen chimney increased from 7.5% to 15%. 

PHOTO: unsplash

cheaper evs? 

Customs duty on the import of materials required to manufacture lithium-ion batteries will be reduced, making made-in-India EVs cheaper. 

PHOTO: unsplash

cheaper mobiles

Mobile phones are to get cheaper, with customs duty reduction on imports of mobile phone parts. However, headphones and high-end mobile phones will get costlier. 

PHOTO: unsplash

ai centres

Government is embracing the advent of artificial intelligence by setting up three centres for AI in top institutions. 

PHOTO: unsplash

NATIONAL DIGITAL LIBRARY

To make education accessible for all, a National Digital Library for children will be set up where high-quality literature & more will be available. 

PHOTO: unsplash

NURSING COLLEGES

Focusing on health and education, 157 new nursing colleges will be set up. 

PHOTO: unsplash